452-unit Multifamily Acquisition
Investment Background: Investment in a joint venture to acquire and redevelop an 11 acre drive-in movie theater site into 306 luxury apartment units. The transaction closed in December 2007 and construction was completed in September 2009.
Investment Background: Acquisition and redevelopment of a 452 unit class-B asset built in 1985 – 1993 in Raleigh, NC. The off-market transaction closed in 2010. The business plan entailed executing a light renovation of the unit interiors and common areas to better position the asset and obtain additional rent.
Product Type: Garden apartments
Location: North/Northwest Raleigh, 15 minutes from the Research Triangle.
Attributes: One of the fastest growing areas in the U.S., market exposure to medical, education, and high-tech sectors, walkable access to retail, attractive discount to replacement cost, and upside opportunity from rehab.